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Last Updated : Jul 29, 2019 04:52 PM IST | Source:

Buy ICICI Bank; target of Rs 484: Prabhudas Lilladher

Prabhudas Lilladher is bullish on ICICI Bank has recommended buy rating on the stock with a target price of Rs 484 in its research report dated July 27, 2019.

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Prabhudas Lilladher's research report on ICICI Bank

ICICIBC earnings of Rs19.1bn were much ahead of our estimate (PLe: Rs13.0bn) mainly on lower provisioning as slippages came in lower at Rs27.8bn (1.9% of loans) while PCR improved by 82bps QoQ to 71.5%. Core PPOP continues gain strength with growth of 21% YoY despite slower fee income and on stress side over BB & below is gradually moving down which is currently at 2.5% (from 3.0% in Q4). With pick-up in business with high yielding loan share & lost cost funding should help NIMs improvement, while normalizing credit cost should help strong recovery in earnings.


We retain BUY with TP of Rs484 (from Rs475) based on 2.0x Mar-21 ABV & SOTP with risk-reward being favourable.

For all recommendations report, click here

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First Published on Jul 29, 2019 04:52 pm
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